RAM’s Lease Accounting Software will help you to:
Comply with FAS 13 (ASC 842) and IFRS 16 lease accounting rules
Generate a Schedule of Payments automatically
Adjust re-negotiated leases easily with access to a full audit trail
Automate the rescheduling & termination of leases
Access short and long-term obligations statements at the click of a button
Benefit from a fully-automated process of apportioning lease payments
ASC 842 & IFRS 16 Fact Sheet
New ASC 842 and IFRS 16 leasing standards explained.
FREE Fact sheet
Lease Accounting Features
- Full leasing details, including lease codes, accrual dates, descriptions and related asset codes can be added, viewed or maintained quickly and easily.
- User-definable payment plans can support every type of lease arrangement.
- Leases can be rescheduled simply to extend or reduce lease length or amend payment terms.
- Supports multiple interest calculation methods, including Equal, Actuarial and Sum-of-Digits (Rule of 78) or user defined.
- Operating and finance leases can be configured for monthly, quarterly, biannual or annual payment/income.
- Integrated with asset history, depreciation, amortization and fixed asset register.
- Utilize in-depth lease accounting to understand corporate exposure and comply with FAS 13 and the upcoming ASC 842 and IFRS 16 regulations.
- Use Business Activity Monitoring to issue automatic email notifications and report alerts for key events including lease break clauses, expiry dates or auto-renewals.
- Set up lease payment plans to specify individual payment types and flag up payment paid in advance or in arrears.
- Manage the payment schedules associated with all operating and finance leases, splitting out both the interest and capital elements of the repayment.
Reporting and Forecasting
- Comprehensive reporting provides detailed analysis of all repayment and interest expenditure, historical and future.
- Suite of standard reports including obligations analysis, commitments analysis, and finance lease schedules.
- Create user-definable reports for any range of past, current, and future accounting periods and include locations, type, supplier, and department.
- Restrict reports to display only those records with accrual dates within specified time periods.
- Ability to sort, sequence, and filter reports by any use-defined fields.
- Create statutory year-end return as standard with year-end reports, breaking down the outstanding obligations by payments due next year, years 2–5, and year 5+.
Compliance with Corporate Governance
- Supports the Financial Accounting Standards Board FAS 13, including ASC 842 (effective from January 1st, 2019).
- Supports Accounting Standards Committee SSAP21 and the International Accounting Standards Board IAS 17 and IFRS 16 (effective from January 1st, 2019).